What’s frustrating is the ploy of waiting to raise taxes until after the election will probably work. I knew a bunch of new taxes were ready to take affect in 2012 – an additional 3.2% surcharge on investment income for those earning over $250k per year, and a host of other Obamacare crap. What I didn’t realize is that all of these taxes add up to a 30% increase over the next 2 years according to the CBO.
The CBO is also predicting that this additional money will be a bonanza for the federal government, but I wonder… If the economy is still in the dumps (and even the CBO admits it likely will be, partly due to the added tax burden) and the Laffer Curve kicks in, will the feds be pulling in more, less, or the same? I predict less or the same if things continue as they have been and we don’t repeal Obamacare.
Ugh. This is just depressing.